Electric truck startup Rivian just hauled in a huge round of funding as the company prepares to launch its vehicle late next year.
Rivian announced Monday that it raised $1.3 billion in a new funding round led by T. Rowe Price. The startup, which is based in Michigan but is manufacturing its vehicles in a factory in downstate Normal, IL, has now raised more than $3 billion to date as it prepares to face off against Tesla and other electric truck makers.
Other investors in the newest round of funding include Amazon, Ford Motor Company and funds managed by BlackRock.
The news caps off a busy 2019 for Rivian. In February, the startup raised $700 million in a round led by Amazon, and in April landed $500 million from Ford. In September, the company raised $350 million from Cox Automotive.
This year Rivian also announced a major purchase order from Amazon, who agreed to buy 100,000 electric delivery trucks from Rivian, which will be delivered in 2021. Amazon said the order is part of the company’s goal to use fully renewable energy by 2030 and become carbon neutral by 2040.
"This investment demonstrates confidence in our team, products, technology and strategy – we are extremely excited to have the support from such strong shareholders," Rivian founder and CEO RJ Scaringe said in a statement.
Rivian said no new board seats were added as a result of the investment.
Rivian owns a 2.6-million-square-foot manufacturing plant in downstate Normal, which was previously the site of a shuttered Mitsubishi plant. The startup will receive more than $49 million in Illinois state tax credits over 15 years if it hits certain hiring targets. It expects to create 1,000 jobs in Normal by 2024.
Rivian plans to launch its pickup truck in the U.S. by late 2020, and overseas starting in 2021. The vehicles will be able to travel more than 400 miles on a single charge, the company said.
The funding news comes on the heels of Tesla unveiling its "Cybertruck," a "Blade Runner” inspired electric pickup truck that CEO Elon Musk says has already received over 250,000 pre-orders.
